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Employee Benefits in Australia 2021

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  • 65 Pages
  • February 2021
  • Region: Australia
  • GlobalData
  • ID: 5264177
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Australia has one of the most developed and well-established welfare systems. To ensure decent living conditions for its citizens, the Australian government operates various welfare schemes. The main outgoing expenditures of the Australian government include income support payments and the payment of expenditures to families, including retirement benefits and other pensions. The Australian pension system is divided into three pillars: the first is funded through general taxation revenue with a flat rate benefit regardless of the individual’s previous earnings; while a superannuation guarantee forms the second pillar, which is a mandatory concessional-taxed savings system; and the third pillar is a voluntary superannuation contribution system assisted by tax concessions. The Australian social security system also supports unemployed people with the new start allowance. People who are unable to support themselves through work or savings are supported through payments such as family tax benefits, supplementary payments, and income support payments. The allocation of payments is based on the means testing of the individual’s income and assets.

Key Highlights

  • The Department of Human Services (DHS) is responsible for the functioning of the overall social security system.
  • A person’s national insurance contribution is determined based on their income.
  • An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
  • In Australia, employers provide voluntary retirement benefits to their employees through voluntary superannuation contribution.

The report provides in-depth industry analysis, information and insights of the employee benefits in Australia, including -
  • Overview of the state and compulsory benefits in Australia, detailed information about the private benefits in Australia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Australia.


This report provides a detailed analysis of employee benefits in Australia -
  • It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
  • It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in Australia

Reasons to Buy

  • Make strategic decisions using in-depth information related to employee benefits in Australia.
  • Assess Australia’s employee benefits market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in Australia.
  • Gain insights into key organizations governing Australia’s employee benefits, and their impact on companies.

Table of Contents

2.1 What is this Report About?
2.2 Definitions
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Benefits
6.1.4 Payment options
6.1.5 Contributions
6.2 Death Benefits
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Contributions
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Contributions
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Contributions
6.6 Workers’ Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Contributions
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Contributions
6.8 Other Benefits
6.8.1 Family Benefits
6.8.2 Long-Term Care Benefits
6.8.3 Unemployment Benefits
6.8.4 Leaves and Holidays
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefits
8.1 Methodology
8.2 Contact the Publisher
8.3 About the Publisher
8.4 Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Australia - Country Statistics
Table 3: Australia - Retirement Age (Social Security)
Table 4: Australia - Retirement Age (Superannuation), 2021
Table 5: Australia - Retirement Cash Benefits Based on Individual’s Family Status, 2021
Table 6: Australia - Retirement Benefits, Employee and Employer Contribution under Social Security
Table 7: Australia - Retirement Benefits, Employee and Employer Contribution
Table 8: Australia - Death Benefits, Widow Allowance, 2021
Table 9: Australia - Disability Benefits, Disability Support Pension for People Aged Below or Above 21 Years of Age With Children, 2021
Table 10: Australia - Disability Benefits, Disability Support Pension for People Aged Below 21 Years With No Children, 2021
Table 11: Australia - Workers’ Compensation Benefits, Employee and Employer Contributions
Table 12: Australia - Family Benefits, Maximum Amount of Family Tax Benefit Part A, 2021
Table 13: Australia - Family Benefits, Maximum amount of Energy Supplement Part A, 2021
Table 14: Australia - Family Benefits, Energy Supplement Part A, 2021 Base Rates
Table 15: Australia - Family Benefits, Maximum Amount of Family Tax Benefit Part B, 2021
Table 16: Australia - Family Benefits, Maximum Amounts of Energy Supplement Part B, 2021
Table 17: Australia - Family Benefits, Parenting Benefits, 2021
Table 18: Australia - Unemployment Benefits, Cash Benefits for Jobseeker Payment, 2021
Table 19: Australia - Unemployment Benefits, Cash Benefits for Youth Allowance, 2021
Table 20: Australia - Unemployment Benefits, Cash Benefits at Special Payment Rates, 2021
Table 21: Australia - Unemployment Benefits, Parenting Single Payment, 2021
Table 22: Australia - Fixed National and Public Holidays 2021
List of Figures
Figure 1: Australia - Main Institutions of Social Security System